Given the information below for the country of Manga, answer the following: Calculate the unemployment rates for both 2019 and 2020. Then calculate the labor force participation rates for both 2019 and 2020. Based on the changes in these rates, in which part of the business cycle would you say the economy of Manga was in at the end of 2020? Real GDP Total Adult 2019 2020 $2,700,000 $2,200,000 150,000 155,000 Population Employment 100,000 75,000 Unemployment 5,000 15,000 Discouraged 1,000 5,000 Workers

Given the information below for the country of Manga, answer the following: Calculate the unemployment rates for both 2019 and 2020. Then calculate the labor force participation rates for both 2019 and 2020. Based on the changes in these rates, in which part of the business cycle would you say the economy of Manga was in at the end of 2020? Real GDP Total Adult 2019 2020 $2,700,000 $2,200,000 150,000 155,000 Population Employment 100,000 75,000 Unemployment 5,000 15,000 Discouraged 1,000 5,000 Workers

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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